Hematology Drugs Global Market To Reach Value Of About $124.6 Billion In 2023
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The hematology drugs market consists of sales of hematology drugs and related services by entities (organizations, sole traders and partnerships) that produce hematology drugs to treat diseases such as genetic disorders, anemia, other related diseases. This industry includes establishments that produce blood products such as red blood cells, white blood cells, platelets, and fresh frozen plasma. It also consists of establishments which produce of anemia and other blood disorder drugs to treat anemia, hemophilia and blood clots.
The global hematology drugs market is expected to decline from $82.6 billion in 2019 to $76.5 billion in 2020 at a compound annual growth rate (CAGR) of -7.5%. The decline is mainly due to restrictions due to the coronavirus disease 2019 (COVID-19) pandemic and the measures to contain it. Some medical centers have canceled treatments, somehow put on hold, some have altered the policies and procedures to provide services. Also, many companies in the hematology drug market halted their business operations. All these factors have impacted the market growth. The market is then expected to recover and grow at a CAGR of 11% from 2021 and reach $124.6 billion in 2023. Optimistically, if the ongoing research on hematology drugs show any promising results for treating COVID-19 infection, the market is expected to grow significantly.
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The global hematology drugs market is further segmented based on type, distribution channel, route of administration, drug classification, mode of purchase and geography.
By Type: Blood Products, Anemia And Other Blood Disorder Drugs.
By Distribution Channel: Hospital Pharmacies, Retail Pharmacies/ Drug Stores, Others.
By Route Of Administration: Oral, Parenteral, Others.
By Drug Classification: Branded Drugs, Generic Drugs.
By Mode Of Purchase: Prescription-Based Drugs, Over-The-Counter Drugs.
By Geography: The global hematology drugs market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia Pacific hematology drugs market accounts for the largest share of 35% in the global hematology drugs market 2019
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Trends In The Hematology Drugs Market
The increase in the number of drug approvals for hemophilia by the regulatory bodies such as FDA in the US is an emerging trend in the market. Increasing number of new FDA approved drugs aids in management of hemophilics and improves their Quality of Life (QoL).
Hematology Drugs Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides hematology drugs market overviews, analyzes and forecasts market size and growth for the global hematology drugs market, hematology drugs market share, hematology drugs market players, hematology drugs market segments and geographies, hematology drugs market’s leading competitors’ revenues, profiles and market shares. The hematology drugs market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.